Padlock Partners UK Fund III (the “Trust”) announced today that it has successfully completed the acquisition of the freehold interest in the land and existing building at Forsyth Road, Sheerwater, Woking, Surrey GU21 5SB in the United Kingdom for £6,400,000. The purchase price was satisfied by way of cash from the proceeds of the Trust’s initial public offering.
The Trust intends to convert and expand the existing warehouse into approximately 63,000 net rentable square feet of Class A self-storage space across 4 internal floors. The property is located in the London MSA, just outside the M25 approximately 22 miles southwest of central London. Total deal capitalization is approximately £10,800,000 inclusive of the purchase price. Total build-out and conversion are expected to complete in 2023 with the first of the newly created self-storage units expected to be available in the 4th quarter of 2023.
“We are pleased to acquire this property in such a prominent location in Woking. The central location and bustling commercial, retail, and residential catchment should provide for numerous opportunities for us to serve our customers and the community. This acquisition allows us to execute on our strategic priority to build a strong income-producing portfolio focused on self-storage in the UK and pairs well with our recent Watford self-storage development site which is also in the London MSA,” said Padlock Partners UK Fund III CEO, John Stevenson.
This transaction marks the 2nd Padlock Partners UK Fund III location in the United Kingdom. The Trust has previously acquired a self-storage development property in Watford.
The Trust intends to use the balance of the net proceeds of the Offering to subsequently acquire one or more additional properties in the United Kingdom, consistent with the Trust’s investment objectives to, among other things, provide unitholders with an opportunity to invest in a portfolio of diversified income-producing commercial real estate properties in the United Kingdom, with a particular focus on self-storage properties, and for working capital purposes.
About Padlock Partners UK Fund III
The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a diversified portfolio of income-producing commercial real estate properties in the United Kingdom with a focus on self-storage properties.
